Ducktown Atlantic City

Several new businesses and housing complexes are popping up in Atlantic City. While the city continues to bolster its offerings, some real estate experts say this could be a prime opportunity to capitalize on the second-home market.

ATLANTIC CITY — Recent developments in the city not only make the resort attractive for residents to buy homes, but boost the market for people outside the city to invest, area officials and real estate experts said Wednesday.

At a Planning and Development update hosted in the city Wednesday, officials gathered to discuss boosting the city’s second-home market and the opportunity for people renting in the city to consider buying.

Former Planning and Development Director Elizabeth Terenik, now the business administrator in Middle Township, Cape May County, was invited to speak at the forum.

“There is opportunity for everyone right now,” she said. “The people that are living in Atlantic City that may not have thought that they can be a homeowner can do it right now.”

Terenik worked for the Planning and Development Department from 2014 until she left in April 2017 to become the business administrator in Middle. While she has left the city, she continues to take interest in it — and she penned an opinion piece published in NJ Spotlight last year about the city’s second home market.

In the piece, she describes her 2014 interactions with then-93-year-old Atlantic City native Reese Palley, who was adamant about refocusing the city to a second-home market. She mentions the city’s affordability, its diversity and its attractions, and echoed that sentiment Wednesday.

Atlantic City this year was ranked No. 4 on the list of most affordable beach towns in the country by realtor.com, and last year was named No. 1 on Redfin’s list of most affordable beach towns to buy a vacation home.

She said this market is important to families, taxpayers and the community because those who buy a second home are paying taxes but don’t necessarily use all of the offered services in the city.

“It’s really a benefit in that regard to the community,” she said. “Atlantic City is in a perfect position to take advantage of that trend right now and try to attract second homeowners that are looking for diversity.”

Realtors at the forum said the investments and development around the city, such as the new Stockton University campus and new businesses opening up, will boost the market. Some people are looking to buy a second home that would become a primary home, real estate agents said.

Nichole Gupton, property manager for the 600 North Beach project that’s about to open in the South Inlet, said the area could serve as a second property market, offering rentals as an alternative to homebuying.

And renting a property in the resort could lead to buying a home in the future, she said.

The 250-unit 600 North Beach housing development is on track to open this fall, and Gupton said there are already 500 people on its waiting list. The project by Wasseem Boraie, vice president of Boraie Development LLC, will bring three buildings — one with 80 units and the other two with 85 — positioned around a courtyard that features a raised pool and community space just blocks from the ocean.

“This development will offer some of the first high-end rentals this city has seen in decades,” Gupton said. “Some people look at Atlantic City and only see casinos. But it’s evolving, and we would like people to see it as a place to call home — whether it’s their primary or secondary residence.”

Contact: 609-272-7239 eserpico@pressofac.com Twitter @ACPressSerpico

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